PETROLEUM EXPLORATION ACTIVITY IN AUSTRALIA AND PAPUA NEW GUINEA 1972-1973

Abstract

A highlight of 1972 has been the continued success on the Northwest Shelf where it has become apparent that the reserves of natural gas are very large. There have also been two promising oil discoveries in this area.

Significant new gas fields were discovered in the Cooper Basin, which have finally assured sufficient reserves for the Sydney market. However the development of the Tirrawarra oil field has been disappointing.

Petroleum exploration activity in Australia and Papua New Guinea improved slightly during 1972, mainly because of increased activity in offshore areas. It is likely that this trend will continue through 1973.